Newark, June 19, 2023 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 9.5 billion heart attack diagnostics market will reach USD 20.5 billion by 2032. The global rise in heart attack patients can be partly blamed for the market's expansion. According to the Centres for Disease Control and Prevention, there are roughly 805,000 cardiac arrests in the U.S. each year and 605,000 of them are experiencing their first heart arrest. In 200,000 cases, those who have previously experienced heart failure are affected.
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North America to account for the largest market size during the forecast period.
North America is expected to have the most significant heart attack diagnostics market share. According to the Centre for Medicare and Medicaid Services, the United States will spend USD 4.1 trillion on healthcare in 2020. Alternatively, 19.7% of the GDP. In addition, it is predicted that by 2028, U.S. healthcare spending will have climbed by 5.4% a year to reach USD 6.2 trillion. On account of factors like an advanced technological healthcare infrastructure, a high prevalence of chronic diseases like diabetes and hypertension, as well as the presence of significant market players in the region, the North American market is predicted to experience strong growth over the forecast period.
The electrocardiogram segment dominated the market with the most significant revenue of USD 3.70 billion.
The electrocardiogram segment dominated the market with the most significant market revenue of USD 3.70 billion. In contrast to the rapid blood test and enzyme-based diagnostics approaches, such as the Troponin T diagnostic kit and the Creatine Kinase MB Isoenzyme (CK-MB) diagnostic technique, the ECG domain may experience significant growth rates in low- and middle-income nations. Compared to currently existing tests, which take six or seven hours to produce findings, these tests are susceptible and quick, allowing clinicians a few more hours that might be sufficient to save a patient's life. Additionally, because of their vast populations, emerging nations might not be restricted to ECG-based diagnostics alone, generating a sizable market for quick blood tests. For instance, cardiovascular disorders account for millions of fatalities annually in China and India. ECG is a more intricate technology that can only be used when the patient is present physically. These restrictions do not apply to blood- and enzyme-based diagnostic methods. These blood tests may be carried out anywhere, including in mobile hospitals. This benefits a nation like India, where most people lack access to basic healthcare facilities.
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Market Dynamics:
Drivers: Growth of Cardiovascular Illnesses
At the end of 2021, there were 747,238,580 persons over 60, projected to rise. Cardiovascular illnesses affect an ageing population and older people more frequently. Due to their advanced age, which is accelerated by risk factors such as fragility, obesity, and diabetes, adults with cardiovascular diseases (CVD) are more likely to acquire CVD. Additionally, older persons are more likely to develop heart conditions and experience cardiac arrests. Therefore, the ageing population's rising rate fueled the market's expansion.
Restraint: Low Reimbursement
The government's low reimbursement for mobile cardiac outpatient telemetry ECGs and the steadily lowering heart attack incidence rates are anticipated to impede this sector's growth throughout the forecast period.
Opportunity: Rising Alcohol Consumption
Regularly using tobacco products and alcohol are the two main risk factors for CVD. Alcohol consumption is associated with a higher risk of heart disease and stroke. 85.6% of people surveyed who were 18 years of age and older said they had consumed alcohol at some point. Smoking and drinking three or more alcoholic beverages daily have detrimental effects on certain forms of cardiovascular disease that may build up over time. A few examples of these detrimental impacts include an increased risk of congestive heart failure, stroke, and high triglyceride levels. For instance, it is estimated that 30.8 million adults smoke cigarettes in the United States. Smoking-related ailments affect more than 16 million Americans.
Challenge: Lack of Business Strategies
For the market's bright future, leading businesses must use inorganic methods, including M&A, partnerships, and collaborations with regional players. If these strategies are implemented, the global heart attack diagnostic market's expansion over the forecast period may be unrestricted.
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Some of the major players operating in the heart attack diagnostics market are:
● F Hoffmann-La Roche Ltd
● Hitachi Medical Systems
● GE Healthcare
● Schiller AG
● Siemens Healthineers
● HeartFlow
● Beckman Coulter
● Medtronic
● Cardio Diagnostics Holdings Inc
● Midmark Corporation
Key Segments cover in the market:
By Test:
● Electrocardiogram
● Angiogram
● Blood Tests
● Computerized Cardiac Tomography
● Others
About the report:
The global heart attack diagnostics market is analyzed based on value (USD billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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